Hyperliquid's BABA contract, linked to Alibaba, has seen its 24-hour trading volume exceed $12 million for the first time, following a significant price movement. The contract surged 11% overnight before dipping 4% during the day, currently trading at $140. A trader capitalized on this volatility by going long on 2,000 BABA contracts with 10x leverage at an average price of $137, resulting in a paper profit of 24.5%. This trading activity coincides with the U.S. approval for 10 Chinese tech firms, including Alibaba, to purchase NVIDIA H200 AI chips, which initially boosted Alibaba's Hong Kong-listed shares. However, while Tencent's gains have mostly retraced, JD.com shares remain elevated.